TECHNICOLOR_REGISTRATION_DOCUMENT_2017

2 OPERATING AND FINANCIAL REVIEW AND PROSPECTS

SUMMARY OF RESULTS 2.1

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LIQUIDITY AND CAPITAL RESOURCES 2.3

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Overview 2.3.1 Cash flow 2.3.2

RESULTS OF OPERATIONS FOR 2016 AND 2017 2.2

Analysis of revenues 2.2.1

Financial resources 2.3.3

Analysis of Adjusted EBITDA 2.2.2

ASSUMPTIONS 2018 2.4

Analysis of operating expenses and profit (loss) from 2.2.3 continuing operations before tax and net financial expense

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Net financial expense 2.2.4

EVENTS SUBSEQUENT TO DECEMBER 31, 2017 2.5

Income tax 2.2.5

Profit (loss) from continuing operations 2.2.6 Profit (loss) from discontinued operations 2.2.7 Net income (loss) of the Group 2.2.8

EVENTS SUBSEQUENT TO THE CLOSING OF 2017 2.6 FINANCIAL STATEMENTS

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Adjusted indicators 2.2.9

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TECHNICOLOR

REGISTRATION DOCUMENT 2017